IMF: Bitcoin consumes millions of times more energy than credit cards
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Answer IMF: Bitcoin consumes millions of times more energy than credit cards
According to a new report published by the International Monetary Fund (IMF), bitcoin, the world’s largest cryptocurrency, consumes a million times more energy than credit cards.
The calculations of the IMF report are based on academic and private sector publications.
The report, which has been criticized by many analysts and economists, shows that central bank digital currencies (CBDC) and some private cryptocurrencies are actually more efficient than traditional payment systems.
Currently, credit and debit cards account for the vast majority of all cashless transactions.
The paper presents an argument for abandoning the Proof of Work (mining) consensus system and using licensed systems in order to make a giant green leap.
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The second largest cryptocurrency, Ethereum, is expected to move to Proof of Stakes later this year, which will reduce its energy consumption by a whopping 99.95%.
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IMF researchers concluded that energy use should also be a consideration in discussions about the future of money.
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